Consultants navigating choppy economic waters

A shortage of skilled staff, declining fees and the persistent need for salary increases – these are just the headlines from EFCA’s latest barometer, The State of the European Consulting Engineering Sector. Add in other factors such as geopolitical tension, energy transformation, surging inflation and rapidly-rising interest rates, and you have a recipe for uncertainty that is casting a shadow over the industry’s future.

In this analysis of the EFCA Barometer, Henrik Garver, Chair of the EFCA Economic Environment Committee delves into the figures to try and make sense of what is happening.

The consultancy and engineering industry in Europe has experienced a year of highs and lows that have left their mark. In 2021, we witnessed unprecedented figures, with market indices soaring to record levels. However, as the seasons changed, so did the dynamics of the industry. Today, order books have slimmed down, although they continue to remain above historical norms, signalling enduring resilience and a reasonable outlook.

Some of the economic conditions also create opportunities, particularly for those firms that remain agile and adaptable, staying ahead of emerging trends, in order to obtain first-mover advantage.

See PDF of the full article at Challenge facing consultant engineers